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Simons v. Simons

The Nebraska Supreme Court allowed a fair value determination by the wife’s expert as the appropriate value for a divorce case and did not include any discounts that might apply in a fair market value determination. Much of the opinion dealt with the issue of a constructive trust, which the trial court determined results in a 50% ownership by the wife in the family business.

Nebraska Supreme Court Allows Fair Value Determination for Family-Owned Business and Does Not Allow Discounts

The Nebraska Supreme Court allowed a fair value determination by the wife’s expert as the appropriate value for a divorce case and did not include any discounts that might apply in a fair market value determination. Much of the opinion dealt with the issue of a constructive trust, which the trial court determined results in a 50% ownership by the wife in the family business.

District Court Affirms Tax Court’s Decision That Deferred Payments to Spouse Are Not Deductible Alimony Payments

The district court in this appeal from the Tax Court affirmed the Tax Court’s decision that deferred payments the husband made to the wife were not deductible alimony payments and thus not taxable to the wife.

Redleaf v. Comm’r

The district court in this appeal from the Tax Court affirmed the Tax Court’s decision that deferred payments the husband made to the wife were not deductible alimony payments and thus not taxable to the wife.

Hollis v. Hollis

One of the main issues in this appeal was how to classify the husband’s “book of business,” i.e., his client relationships, assets under management, and related income. The husband was a financial advisor for UBS. The wife contended the book of business had value that constituted a marital asset. The husband pointed out that UBS now took the position that a financial advisor who left the company cannot take any information with him or her. The court also noted that “deferred cash agreements” were actually bonuses that were marital assets. The appellate court affirmed the trial court’s decision to exclude the book of business from marital assets. The court also affirmed the trial court decision on payment of alimony to the wife “in futuro.”

The Tennessee Appeals Court Affirms the Trial Court’s Decision to Exclude From the Marital Estate Financial Advisor the Husband’s ‘Book of Business’

One of the main issues in this appeal was how to classify the husband’s “book of business,” i.e., his client relationships, assets under management, and related income. The husband was a financial advisor for UBS. The wife contended the book of business had value that constituted a marital asset. The husband pointed out that UBS now took the position that a financial advisor who left the company cannot take any information with him or her. The court also noted that “deferred cash agreements” were actually bonuses that were marital assets. The appellate court affirmed the trial court’s decision to exclude the book of business from marital assets. The court also affirmed the trial court decision on payment of alimony to the wife “in futuro.”

King v. King

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Maryland Appellate Court Affirms Trial Court on Value of Husband’s Business as Well as Several Other Divorce-Related Issues

In this Maryland divorce case, the Court of Special Appeals affirmed the trial court on all appealed issues including marital property determinations; monetary award to the wife; determination of incomes of the husband and wife; and determinations of alimony, child support, and related expenses. The Court of Special Appeals also affirmed that the husband’s business was not a gift and was marital property, and it determined the value of the business as the wife’s expert presented. Both parties were forensic accountants.

Nothing personal about goodwill in dental practice

In a South Carolina divorce case, the appellate court reversed the family court on the issue of personal versus enterprise goodwill.

Bostick v Bostick

The South Carolina Court of Appeals, in this divorce case, reversed the family court and included all goodwill of a dentistry practice as enterprise goodwill includable in the marital estate. The family court had included all of the goodwill as personal goodwill not part of the marital estate. The Court of Appeals also reduced the temporary monthly alimony.

Appellate Court Reversed Decision and Treated All Goodwill as Enterprise Goodwill Includable in the Marital Estate

The South Carolina Court of Appeals, in this divorce case, reversed the family court and included all goodwill of a dentistry practice as enterprise goodwill includable in the marital estate. The family court had included all of the goodwill as personal goodwill not part of the marital estate. The Court of Appeals also reduced the temporary monthly alimony.

Asare v. Asare

In this marital dissolution appellate case, the appellate court must resolve a number of issues related to the equitable distribution of the marital estate. On most issues, the appellate court affirmed the trial court. However, the appellate court reversed the trial court on the issue of how much passive appreciation related to an investment account was includable in the marital estate.

North Carolina Appellate Court Reverses Trial Court on Amount of Passive Appreciation in an Investment Account

In this marital dissolution appellate case, the appellate court must resolve a number of issues related to the equitable distribution of the marital estate. On most issues, the appellate court affirmed the trial court. However, the appellate court reversed the trial court on the issue of how much passive appreciation related to an investment account was includable in the marital estate.

Letter to the Editor: A New Development in Personal Goodwil

Remarks and comments from BVR’s legal editor on a previous article that discussed Florida’s proposed legislation to clarify the value of goodwill in the marital interest of closely held businesses.

How to Explain Personal Goodwill to a Trier of Fact for a Divorce Valuation

This is an excerpt from the author’s upcoming sixth edition of Understanding Business Valuation, which will be available from BVR in early 2022.

Florida’s Proposed Change to Goodwill Could Set a Precedent

The Family Law Section of the Florida Bar is proposing legislation to clarify the value of goodwill in the marital interest of closely held businesses. The authors envision that this proposed legislation could set a precedent for future family law matters throughout the United States.

Asset vs. income approach for valuing goodwill in Tennessee

In Tennessee, personal goodwill is not a marital asset that can be divided between the divorcing parties.

Cela v. Cela

The Appellate Court (AC) upheld the trial court’s decision to accept the value under the income approach adjusted for the exclusion of personal goodwill. The expert for the wife (business owner) had used the asset approach reasoning that all goodwill was personal. The trial court and the AC rejected that approach.

Appellate Court Upholds Decision to Use Income Approach and Reduce Personal Goodwill

The Appellate Court (AC) upheld the trial court’s decision to accept the value under the income approach adjusted for the exclusion of personal goodwill. The expert for the wife (business owner) had used the asset approach reasoning that all goodwill was personal. The trial court and the AC rejected that approach.

Connecticut Supreme Court clarifies double-counting rule

In a recent decision, the Connecticut Supreme Court clarified this jurisdiction approach to double counting (or double dipping).

Personal v. Enterprise Goodwill in Florida Divorce Cases: What the Appellate Courts Say

In the wake of the recent King case, this is an analysis of marital dissolution case law from the Florida Supreme Court and the five District Courts of Appeal (DCA) of Florida that relates to the valuation of personal and enterprise goodwill in that state.

Goodwill analysis ignoring specifics crumbles on appeal

A divorce expert’s failure to link the facts related to a successful insurance company to his personal goodwill analysis was one of the reasons a Florida appeals court recently overturned the trial court’s valuation findings, which, the reviewing court said, were not based on competent, substantial evidence.

King v. King

This divorce case appeal deals with three primary issues: the determination of the value of insurance agency marital asset, the determination of the amount of personal goodwill attaching to the insurance agency, and the appropriate amount of alimony. The court remands the value of the business as it relates to the exclusion by the trial court of the liabilities the business owed, remands as to the appropriate amount of personal goodwill, and remands as to the erroneous level of income of the husband for determination of alimony.

Florida Trial Court’s Valuation Findings, Including Personal Goodwill Determination, Do Not Hold Up Under Appeals Court Scrutiny

This divorce case appeal deals with three primary issues: the determination of the value of insurance agency marital asset, the determination of the amount of personal goodwill attaching to the insurance agency, and the appropriate amount of alimony. The court remands the value of the business as it relates to the exclusion by the trial court of the liabilities the business owed, remands as to the appropriate amount of personal goodwill, and remands as to the erroneous level of income of the husband for determination of alimony.

Parties’ agreement complicates spousal support calculation in S corp context

Instead of facilitating a resolution, a separation agreement between the divorcing spouses led to a protracted lawsuit.

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